har chair vicki fullerton - montgomery county chamber of commerce presentation
DESCRIPTION
HAR Chair Vicki Fullerton presented to the Montgomery County Chamber of Commerce about the current state of the greater Houston real estate market.TRANSCRIPT
Vicki FullertonHouston Association of REALTORS®
2009 Chair of the Board
No Place Like Home…Greater Houston
Steady Growth in Prices
Houston Home Sales Have Declined
Sales Began Dropping in Early 2007
But Months Inventory isShowing Signs of Improvement
And Active Listings are Decreasing
Prices Have Held Up But are Tapering Off
Content
New Homes Sold Through the MLS Have Skyrocketed
New Homes Sold Through MLS
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Permits Show Depressed New Construction Market
For All the Talk About Foreclosures… Less Than Half the 1980s
More mortgage workouts
Where is Houston going?• We have seen steady double-digit increases in the number of leases
completed through the MLS, which are typically single-family homes. • Those renters are likely people who wanted to purchase but have been
caught by more stringent lending standards.• They are expected to enter the market in a year or more, as they have
saved more for a down payment and have corrected credit problems.• Also, despite declining energy prices which took away some of the
cushion we enjoyed, Houston is still cited in numerous reports as being one of the best real estate markets in the country and is expected to rebound earlier than most others. Houston added more than 42,000 jobs last year, through November, and it is still considered a stronger economy.
• The Association of Foreign Investors in Real Estate recently ranked Houston as the 8th best investment market in the world!
• Real estate will follow through on the economic conditions…as they improve, real estate will also.
